Does money motivate people – what’s the truth?

Does money buy happiness in your opinion?

If yes, to what extent? 

If not, why not?

Many years ago, before I got into psychology, I thought that money surely can motivate people to work better, more quickly and efficiently; and no matter what your job is that money can enhance performance.

Many of us are trying not to focus on material things too much, but sometimes it may be really challenging. We know or hear about people who are driven by fame, power and money, but they don’t always seem to be happier with their life.

There are actually many rich and famous people whose lives are far from ideal, although at first they may look fabulous: they have public recognition, fans, attend parties, and are able to afford houses and fantastic trips all over the world. Then when we look at someone’s life deeper, even though it seems full of blessings, it actually may be an empty and dark place filled with anxieties, depression or drugs.

The rich and famous sometimes can’t handle the social pressure, the expectations from the public and the high standards imposed by the industries they work in.

We often think … if we were rich the bad stuff and feelings surely wouldn’t happen to us and we would certainly know how to keep sane, responsible and in charge of our lives. We may think this but life isn’t as easy as it seems, even if one has money. Even the nicest and most noble people get lost and need to fight loneliness, cancer or depression. And sometimes they lose like in the case of Robin Williams and many others…

What have academic studies recently found out about the impact of money on our happiness and motivation?

According to the Harvard Business Review, studies show that, even if employees decided how much they earn for their work, they probably wouldn’t enjoy their work more!

The link between money and motivation or performance is much more complex than we think. Tim Judge and his colleagues analysed 120 pieces of research on this topic and concluded that there is actually a very weak link between money and job satisfaction.

“Employees earning salaries in the top half of our data range reported similar levels of job satisfaction to those employees earning salaries in the bottom-half of our data range.”

What’s interesting, and no matter how ridiculous it sounds, in non-physical jobs particularly, financial rewards can actually distract and demotivate people, and some tasks can be done even more slowly and less effectively than before!

Scientists believe that we should focus on our intrinsic motivation (own satisfaction) because it is a stronger predictor of our job satisfaction and/or performance.

Of course, research findings are only average and we need to remember that everyone is different and has different motives. Financial goals motivated by the pursuit of power or boosting our confidence (using the money for cosmetic surgeries, for example) will be a lot less rewarding than seeking a bigger income to meet needs related to security or family support.some-people-are-so-poor-all-they-have-is-money

For employers, a far better prediction of an employee’s job satisfaction is their personality traits rather than income:

“The more emotionally stable, extraverted, agreeable or conscientious people are, the more they tend to like their jobs (irrespective of their salaries)… but … the biggest organisational cause of disengagement is incompetent leadership. Thus, as a manager, it’s your personality that will have a significant impact on whether your employees are engaged at work, or not.”

If you are interested to find out more about this fascinating phenomenon, have a look at the Harvard Business Review article HERE

You may be interested in this great book too: Art of Money: A Life-Changing Guide to Financial Happiness by Bari Tessler available here

THE 3 BIGGEST PRODUCTIVITY MYTHS – Motivation 3/3

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THE MOTIVATIONAL MYTH

There is something called motivation, I do agree, but some of us often try to rely on it instead of believing in ourselves more and taking action. We can do what we want if we focus on managing tasks and our energy instead of constantly seeking inspiration and motivation to drag us towards our goals. It doesn’t work that way.

If you enjoy doing what you are doing and working on then you don’t really need any external motivation, do you? You do something because you like it or love it. Some of us think that motivation precedes action. Does it? We have to have some internal motivation but that often shows up during or after activities we do, not before. Otherwise, can you imagine that a successful sportsman waits for inspiration and exercise only when he or she feels like it?

If you don’t enjoy what you are doing then watching a motivational video won’t help; surely, it’s not a long-term solution anyway.

You need to find out EXACTLY why you don’t like something and consider what you can do to change this. Is the task too boring or difficult? What can you do about it?

  • Can you make some modifications to make the task more attractive? Can you do something to enjoy it a bit more while doing it, e.g. listening to an audio book or your favourite music while cleaning?
  • If it’s difficult can you watch some tutorials about it or take up a course or two so you can extend your skills and knowledge and become a bit more of an expert in it?
  • If you can’t find a way to improve anything, then a technique such as Pomodoro may be useful (blocks of 25 mins of work using a timer). You can read more about this technique here . Pomodoro timers are available online for free.

Read about and listen to productivity tips but also do spend some time on observing and considering what really works for you and what doesn’t because even the best methods won’t work for everyone in the same way.

How to stay more productive? And why time-management isn’t the right answer.

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Nowadays we receive 5 times more information on a daily basis than just a few decades ago. We are expected to juggle many different roles and responsibilities and we constantly feel that we should be more productive.

There is a bit of a paradox here that people believe in. We feel we should work more and faster in order to be more productive. If you are a factory worker that’s probably the case but in most other jobs in order to be more productive we need to SLOW DOWN!

When did time start to matter to people SO MUCH? I find history quite fascinating so let’s just go through a few interesting facts:

  • In 1275, the first mechanical clock was invented in England. The oldest working clocks usually did not have any face and told the time by striking the hours.
  • Pocket watches started to be produced in the 16thcentury but showed only hours. Minute hands were added to the clocks in the 1680s. Then the second hands were added around 10 years later.
  • Mass production of watches started in the 19th century and was related to industrial changes.
  • The first wrist watches were wore by women and often used rather as a piece of jewellery than a device to measure time.

Apparently before people used watches If they wanted to tell how long something may take they would describe it by giving an example of an activity that was well known e.g. “like eating a banana”, so then everyone knew that they meant a very short period of time.

Time management used to be crucial in the industrial economy but nowadays, in the knowledge economy (when we use our knowledge to create values and products), it is ONLY ONE OUT OF A FEW important factors which can improve our effectiveness, productivity and work-life balance.

Actually managing your energy and tasks is a lot more important than time-management. Instead of worrying about passing hours and days and how we can squeeze more tasks into small blocks of time, we need to divert attention into more significant aspects, more innovative techniques and solutions which can help in achieving optimal productivity.

We feel most productive when we do a lot of things and work longer hours. Many people think then that to accomplish more you need to put more effort in, sleep fewer hours and work additionally at weekends, to be always ahead of competition! There is a bit of truth in it. Nothing that’s great comes easily and if you want to have exceptional results you need to put a lot of work and energy into whatever you are doing – writing a book, working on your business plan or creating a project for your university course or work. However, working more hours won’t make you more productive. Studies found that we should work, ideally, 35-40 hours a week in order to achieve the best results. Working more than that may work for very short periods of time—for example, a few days—but in the long-term working a lot will make you exhausted and depressed and you are at high risk of burnout. To be more productive focus on slowing down MORE!

Remember about regular breaks and getting 7-8 hours of sleep everyday as well. We all seem to know these simple rules but they are neglected by SO many of us!

Time usage is vital in our lives (that’s why we all keep looking at watches, and the most popular word in the English language is…time!) so I don’t want to say that this is not important but there seem to be other more crucial factors which can decide how effective, productive and successful we are. Focus on managing your energy levels and attention and consider how you can avoid distractions. Also, focusing on the right tasks seems a straightforward rule but is often neglected by many people who instead of spending some time on reflection, prioritising, planning and reviewing try to do more tasks and take work home.

What do you do to boost your productivity?

 

Productive Mondays! How many hours should we work, ideally?

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We often confuse productivity with being busy. What exactly does it even mean? We feel productive when we are very busy, when we have a lot of tasks and complete most of them. Usually the more hours we work, the more productive we feel.

HOWEVER

There has been plenty of research where findings show that if we work too many hours we decrease our productivity A LOT!

What’s more, if we work a lot of hours for a few weeks or more – that’s just a perfect recipe for depression, burnout and anxiety which may even lead to a nervous breakdown!

Labour Economics published an article by Collewet and Sauermann where the researchers outlined their study done on call-centre workers. Even with part-time employees, increasing their number of working hours created more fatigue than productivity! (more about this study here )

Too few hours = we won’t achieve much.

Too many hours = we are tired and our productivity decreases a lot.

What’s the golden rule? What’s the perfect solution, then?

Chris Bailey in his book The Productivity Project (available HERE) talks about an experiment that he did. Namely, he worked alternate weeks for a very different amount of hours. One week he worked 20 hours and another one 90 hours, and in this way he did several weeks.

An important lesson that he realised? That while working 90 hours he did only a bit more work than while working 20 hours!

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When he had only 20 hours to do his tasks, he felt a bit of pressure that his time was so limited so he focused on using his more valuable time (when he had most energy and attention) to do the most important, difficult and meaningful tasks. With that limited amount of time it was also easier not to procrastinate too much (and, apparently, it’s impossible to completely avoid procrastinating) because he had to focus on what must be done, on priorities! During the 20-hour-work week he had more time to recharge and restore his energy levels in various ways too (meditation, exercising, sleeping well, socialising, etc.).

When we work a lot, it’s hard to remember all the time what’s most important, what we should pay more attention to, what’s the bigger picture. Although we work more, we don’t have enough energy and focus to do planning or to do it properly, and to think of possible improvements and solutions to various problems.

Chris dug deep in his research to find out the ideal amount of hours that one should be working so as not to get too tired and to be able to complete a lot of tasks in a productive way. He found that although 46 hours felt like the best working week for him most studies indicate that 35-40 hours a week is perfect to get the job done with maximum productivity.

Surely the more you enjoy your job, the more you are able to work. However, breaks and time to rest are crucial for your creativity, maintaining an innovative and open-minded thinking and approach, and your efficiency.

How many hours a week do you work? Do you have any control over it? Can you improve this aspect in your life to become more productive?

New releases in the field of self-development!

What hot new releases will be discussed this year in the media? Here are a few noteworthy new books related to self-development which will be released very soon (and can be pre-ordered):

  1. Crushing It! – by Gary Vaynerchuk (famous motivational speaker). It will be released on 30th January 2018 but can be pre-ordered (available here).

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2. The Motivation Myth: How High Achievers Really Set Themselves Up to Win –by Jeff Haden. This book will be published on 9th January 2018 and of course can be pre-ordered (available here)

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3. The Year of Less: How I Stopped Shopping, Gave Away My Belongings, and Discovered Life Is Worth More Than Anything You Can Buy in a Store – by Cait Flanders. The book will be released on 16th January 2018 and can be pre-ordered here

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4. Decluttering at the Speed of Life: Winning Your Never-Ending Battle with Stuff – by Dana K. White. It will be published on 27th February and can be pre-ordered here

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5. Great at Work: How Top Performers Do Less, Work Better, and Achieve More by Morten Hansen. The book will be published on 30th January 2018. It can be pre-ordered here

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Any titles in this genre that you’ve read and  would recommend? Please comment below.

How much does your self-development matter to you?

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This Christmas Santa has been very generous 🙂 to me and I’ve received some wonderful pressies, including some books I’ve really wanted to have for a while:

  • Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers by Tim Ferris (available here)
  • Stumbling on Happiness by Daniel Gilbert (available here )
  • Grit: Why passion and resilience are the secrets to success by Angela Duckworth (available here)
  • The 4-Hour Work Week: Escape the 9-5, Live Anywhere and Join the New Rich by Tim Ferris (available here)
  • The Productivity Project: Accomplishing More by Managing Your Time, Attention, and Energy by Chris Bailey (available here)

I’ve decided that this blog will be a good place to post books reviews once in a while. What do you think? Have you read any books about personal development, time management or motivation?

These books used to be called ‘self-help’ books and I think because of this their reputation has been somewhat damaged. Some people don’t buy them because they say they that don’t need any help with finding out how to prioritise their life or they don’t have a problem with time management and so on…

I’m glad that the industry has been changing and now these titles are called self-development’ rather than ‘self-help’ books! I’m glad that people are starting to realise how important personal growth is and that it should not be a luxury but a necessity.

Personal growth doesn’t just help to keep you sane and away from mental health disorders but it’s a lot more than that. When you do what you love, when you commit to lifelong learning and improve your skills and knowledge, you feel more positive, happy and satisfied with your life. Naturally, the more optimistic you are, the more positive your approach and thoughts, and this will have an impact on others around you too, on your relationships and on various other aspects of your life.

The happier you are, the more successful you can become.

Happiness drives performance, not the other way around.

Contrary to what many people say, investing in your own personal development is not egoistical and selfish. It’s something that makes us better human beings in many aspects, also in social terms.

I’m wondering if you are interested in such self-development titles. What book(s) have you been recently reading?

Why 92% people don’t achieve their personal goals?

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I’ve been thinking quite a bit about why I didn’t achieve some goals in the past and I realised a few things. I believe many of these reasons would be the same or similar for most of you as well (please comment below if you agree!)

  1. I achieve goals IF I’m asked to do them by someone important at work or at a university. So if a lecturer tells me to write a 5,000-word essay in 3 weeks, I’ll write a 5,000-word essay within 3 weeks. I asked for an extension a few times while studying my two degrees and working at the same time but an extension meant 3-7 additional days. No more. If I tell myself to write 2,000 words in 2 weeks sometimes it may take me 2 or 4 months!

I keep postponing my deadlines because they are MY deadlines. It’s kind of understandable. If I don’t perform well at work, I may lose my job and have no income for a while. If I don’t execute my own goals ‘nothing’ really happens … except that my well-being will probably decrease and I’ll feel like a failure. I’ll also complain about not being able to achieve my aims, and get all sorts of negative thoughts about not progressing much and staying at the same point of my personal growth for too long.

It’s quite disappointing that actually many of us don’t take our own personal objectives seriously enough. We don’t think of ourselves and our aims as priorities and complete them only when everything else is done. I must admit it’s difficult, especially for a working parent, to manage to do a lot when each day has only 24 hours but I’m confident that this can be improved. I don’t believe in making excuses because most people on the Earth DON’T have perfect conditions, resources and circumstances. Yet, some are more disciplined, consistent and perhaps stubborn, and are able to achieve what they want to and dream about!

  1. I’m too strict and I tend to expect too much from myself. I plan and want to do too many tasks in too short a time without thinking much about all the unpredictable things that can happen in life.

I’ve been impressed with writer Gretchen Rubin’s goal to blog 6 days a week. It’s actually a very challenging task, especially if you are a working parent. You may simply not feel well enough some days. Sometimes I don’t have any Me Time at all! HOWEVER, as with everything, I’ve learnt that there is actually a solution for such a problem! My friend (talented author Carol Browne – please see her blog here ) taught me that anyone can schedule their blog posts. How great is that!

I believe I can still expect QUITE a lot from myself but then I also need to:

be more self-disciplined,

try to work smarter and harder

and have a bit more flexible approach which means:

  • to review goals and action plans, e.g. on a weekly basis, think of ways of how to change them to make them work better
  • and try out more consistently various productivity tips.

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    3. Fear is another big factor. Consciously or sub-consciously I don’t always believe that I’m good enough, that I have enough knowledge or skills or qualifications to do something I enjoy doing. So yes, there is fear of not being able to do my goals to the standard that I want (perfectionism!). I wouldn’t say it aloud much but surely there is some fear of criticism and some days I  lack of confidence while working on my goals! It’s difficult to be highly motivated all the time especially when you don’t see progress quickly. Then you lose focus and try to find the reasons as to why your goals haven’t been achieved yet … But – everything worth doing takes time – they say.

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     4. Most of the time I didn’t have an action plan at all, let alone a good one. The idea of writing down goals and steps/actions in the form of an action plan always sounded a bit ridiculous to me … BUT there has been a lot of research which proves that people who write their goals down and who have action plans are A LOT more likely to achieve their objectives.

     5. Often I used to think I work hard on my goals but when I think about it now I can      see that I didn’t put enough effort in, or I stopped doing some of the tasks and taking action for days, weeks or even months (!) due to other commitments (work, family, taking care of the house). How can you achieve anything if you work in such an ineffective way?

Phew … It was really difficult to get to the bottom of the issue and to find out why I don’t achieve some of my personal goals. The answers aren’t always as straightforward as we think they may be. This didn’t feel like a very comfortable task but it’s definitely something that finally HAD TO be done in order for me to better myself and consider how I can achieve my goals in the coming year.